PSEi closes week by dropping anew
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 21 Dec 2018 17:35:16 +0000
THE stock market again took its cues from abroad, falling back to the 7,400 level on Friday as the likelihood of a US government shutdown weighed on investor sentiment worldwide.
The benchmark Philippine Stock Exchange index (PSEi) declined by 1.11 percent or 83.70 points to close at 7,479.71 while the broader All Shares dropped 0.94 percent or 42.55 points to end at 4,501.58.
Regina Capital Development Corp. head of sales Luis Limlingan said the market fell as Wall Street appeared headed for its worst year since the 2007 financial crisis.
P2P Trade Online sales associate Gabriel Jose Perez echoed this view and added that persistent net foreign selling also dragged the index down.
Foreign funds bought P4.7 billion issues and sold P5.19 billion for a net foreign selling position of P480.6 million on Friday.
Overnight, the Dow Jones plunged by 2 percent while the Nasdaq and S&P 500 both fell by 1.6 percent after US President Donald Trump said he would not be signing a compromise bill that would have averted a government shutdown.
News on Friday that US Defense Secretary Jim Mattis had quit over policy differences with Trump, and that Washington had indicted two alleged Chinese hackers accused of having ties with Beijing’s security services further unnerved markets.
Most Asian markets fell, with Japanese stocks again bearing the brunt as the Nikkei — down 1.1 percent — hit a new 15-month low.
Shanghai retreated 0.8 percent, capping a difficult year for Chinese equities, with nearly $3 trillion wiped off the value of the country’s stock market since the end of January.
Sydney also lost ground while Hong Kong recovered earlier losses to chalk up a 0.5 percent gain.
Back in Manila, all sectoral results closed in the red, with property down the most by 1.93 percent.
More than 724 million issues valued at P7.09 billion were traded
Decliners beat advancers, 123 to 59, while 47 issues remained unchanged.
With a reports from AFP
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